The Ghana Enterprises Agency (GEA) has supported some 270 micro, small and medium-scale enterprises (MSMEs) with a GH₵28,339,752 grant under the Ghana Economic Transformation Programme (GETP) funded by the World Bank.
The GETP grant aims to promote growth within the MSMEs sector – considered the economy’s backbone and providing jobs to over 70 percent of the population.
This funding component seeks to boost growth in the MSEM sector and targets three business groups: youth, women and persons with disability (PWDs).
GEA’s Chief Executive Officer Kosi Yankey-Ayeh, speaking at the grant’s award-signing and orientation ceremony held in Accra, highlighted that the focus is to enhance beneficiaries’ efficiencies through technical support in skills development, good financial management practices, machinery acquisition and increasing productivity.
“The GETP was set up directly to deliver economic transformation for Ghana – and COVID-19 fast-tracked the programme with introduction of the COVID Response Grant that targetted businesses negatively impacted with both technical assistance and funding.
“We cannot grow a dynamic and sustainable economy if we are not providing technical assistance to some of the businesses that need help. So, with this high growth intervention we seek to leapfrog some of these businesses’ progress in every region for a widespread effect,” she said.
She mentioned that, so far, the first two cohorts have received both technical and financial support under the GETP; directly impacting about 1,600 businesses with an investment of over GH₵150million.
This third cohort being the climax, she said, has been made possible because the first two were a success and the impact is truly transformative. However, discussions are currently underway with the World Bank, Finance and Trade Ministries to implement another initiative in the coming month before a total review of the programme.
Representing the World Bank, Senior Social Development Specialist-World Bank, Sarah Antwi-Boasiako, stressed that the World Bank is very interested in MSMEs growth in the country; and is committed to supporting the sector largely regarded as the economy’s backbone.
“We are excited to see all these businesses, particularly PWDs. The World Bank understands the challenges MSMEs face in developing countries, particularly when it comes to accessing finance; and that’s why the World Bank is partnering with government through GEA to support enterprises and build Ghana’s economy.
“This is not a programme offering just grants – it’s also technical assistance, building resilience and fostering an environment to ensure MSMEs’ growth, sustainability and longevity to create jobs, reduce poverty and drive growth for all,” she said.
She stressed that the World Bank wants to see businesses belonging to women and PWDs, especially, grow and gain mainstream recognition.
Deputy Minister of Trade and Industry, Michael Okyere Baafi, on his part reiterated that the GETP is a demonstration of government’s dedication to empowering MSMEs, creating jobs and driving sustainable economic growth.
“The sole aim of government is growing the MSME sector to become very stable, create jobs and grow the local economy. Those who need more technical assistance are getting same, while those who need funding will get a substantial amount to meet their investment target,” he said.
The hundreds of MSME owners present at the launch event to apply for the programme, touted the initiative as a supportive gesture that will reduce their financial burden as loans from commercial banks are too expensive to afford.
Some expressed satisfaction with the digital application process, indicating they are confident that only deserving and qualified business ventures will benefit from the available grant.
